Convenient, Inexpensive Life Insurance
Optional Life Insurance at Group Rates from Equitable Life of Canada®
What is Optional Life Insurance?
Optional Life Insurance can be purchased by eligible Equitable Life Group Benefit Plan Members. Optional Life Insurance provides you with additional protection to top up the Employee Group Life Insurance coverage you have through your Equitable Life Group Benefit Plan.
Please speak to your employer to verify if your Group Benefit Plan design currently allows the opportunity to purchase Optional Life Insurance.
Why would I need more Life Insurance?
Combining Employee Group Life Insurance with Optional Life Insurance allows you to choose the right amount of coverage to meet financial obligations in the event of your death or the death of your spouse. Optional Life Insurance can provide:
- Income to maintain your family's current lifestyle;
- Money for your children's education;
- A way to cover final burial expenses;
- A charitable cash donation; and/or
- A non-taxable cash gift to your designated beneficiary.
How do I pay for Optional Life Insurance?
Optional Life premiums would be deducted directly from your pay cheque on a monthly basis and forwarded to Equitable Life by your employer.
How do I know how much it will cost me?
This will depend on your age, sex and whether you are a smoker or a non-smoker and the amount of insurance you apply for. Optional Life rates are offered at competitive group rates and are available through your employer.
How much insurance can I apply for?
You can apply for Optional Life in increments of $10,000 to a maximum of $250,000 of coverage.
Who can apply for Optional Life Insurance?
Optional Life is available for you and for your spouse.
How do I apply?
Complete the Application for Group Optional Life Benefit (Form 750) and Part 1 of the Statement of Health for Group Insurance (Form 452) which you can get from your employer. If your spouse is applying for coverage, then they would have to complete their own Application and Statement. Once the forms are completed, you can return them to the employer or, if you prefer, you can mail them directly to Equitable Life.
How will I know if my application is accepted?
Based on the amount of insurance applied for on the Application and the medical information provided in the Statement of Health, you and/or your spouse will be notified by Equitable Life of the effective date of coverage or contacted if more medical information is required.
When would my Optional Life coverage stop?
Coverage is in force until the 65th birthday of the insured person (employee or spouse); or the date the employee is no longer eligible for coverage under their Equitable Life Group Benefits Plan, as long as the required premiums are paid.
What happens if I leave my job or stop working for my current employer?
Equitable Optional Life Insurance can be converted to an individual Life Insurance policy if your current employment status changes. You would need to apply within 31 days of not being eligible for your Group Benefit Plan and you would not have to provide any additional medical information at that time.
Will my rates change?
Optional Life rates are not guaranteed. Rates are offered based on five year age bands and adjust accordingly.
What if I need more information about Optional Life from Equitable Life?
Additional information is available in your Equitable Life Group Benefits Plan Booklet. You should also speak to your employer about how to apply for Optional Life Insurance from Equitable Life.